I’ve used PT for most of my career, and I find the Nuendo Render In Place to be the equivalent tool for PT’s consolidate, but more useful, since you can choose to render with processing (plugins), where with PT consolidate, it only renders a new audio file with zero processing, on the track.

In both DAWs you still have to remove the now unused audio files from their pool / clip list, before making an archival copy or a reduced size session.

I do not see that much of a difference other than in the rendering in Nuendo which gives you choices, which is more powerful.

In the Nuendo pool you have the choice to either delete from disk,or remove from the project pool,which is the same as with PT Clip list, when you “remove all unused” and you then get the choice to delete, or just remove the file from the session clip list. No difference there.